Online sales in Great Britain reached a five-year high in June, rising 1% month-on-month, driven by a heatwave boosting demand for air conditioners and outdoor products, and World Cup spending, according to the ONS.
The UK government borrowed less than expected in June, reporting £16bn, £7.9bn less than forecast. This comes as new Prime Minister Andy Burnham announced plans to cut VAT on household electricity bills, funded by cancelling the digital ID program, signaling a new economic direction.
UK job vacancies dropped to 712,000 in June, nearly half of 2022 levels, as employers delay hiring. Unemployment held at 4.9%. Economists warn of a fragile labor market, while the new PM Andy Burnham faces pressure to boost the economy amid rising costs and global conflict.
UK households saw a 0.8% drop in real disposable income in Q1 due to rising inflation and capital gains tax, marking the fourth decline in five quarters. The ONS reported 0.6% GDP growth, while political figures like Andy Burnham pledge to tackle living costs, and economists forecast a cautious economic outlook.
UK retail sales volumes rose 1.2% in May, exceeding analyst forecasts, driven by record hot weather boosting sales of fans and paddling pools, alongside strong online purchases and promotions. Supermarkets saw a slight decline.
UK retail sales volume rose 1.2% in May, exceeding analyst forecasts, due to record hot weather boosting sales of fans and pools, strong online performance, and promotions. Supermarkets were the only sector to decline.
UK public sector net borrowing hit £23.3bn in May, significantly higher than the £18.5bn forecast by economists. This surge, attributed partly to the economic impact of the Iran war and increased interest costs, presents fiscal challenges for potential Labour leader Andy Burnham.
UK job vacancies dropped to 707,000, the lowest in five years, as businesses reduced hiring. Unemployment eased slightly to 4.9%, but employment also fell, particularly in retail and hospitality, reflecting employer caution due to Middle East instability.
UK unemployment dropped to 4.9% and wage growth accelerated in April, exceeding forecasts. Despite this, employers are cautious about hiring permanent staff due to Middle East instability. The Bank of England faces pressure to raise interest rates.
UK inflation remained unexpectedly at 2.8% in May, with higher transport and fuel costs offset by slower food price rises. Economists had forecast a rise to 3%. The ONS reported the flatlining figure, which follows a decline in April, as various price movements balanced out.
UK inflation remained unexpectedly at 2.8% in May, with higher transport and fuel costs offset by slower food price rises, according to the ONS. Economists had forecast a rise to 3%, but the flatlining figure defied expectations.
UK inflation remained unexpectedly at 2.8% in May, defying economists' forecasts of a rise to 3%. Higher transport and fuel costs were offset by slower food price rises, according to the ONS.
UK inflation remained unexpectedly at 2.8% in May, with higher transport and fuel costs offset by slower food price rises. The ONS figure defied economists' forecasts of a rise to 3% and comes as the Bank of England prepares to set interest rates.
UK inflation remained unexpectedly at 2.8% in May, defying economists' forecasts of a rise to 3%. The flatlining figure, following April's decline, comes despite the Middle East conflict driving up energy prices. The Bank of England is expected to hold interest rates steady.
UK public sector net borrowing hit £24.3bn in April, £4.9bn higher than last year and £3.4bn above forecasts. High inflation increased pension and benefit costs, while political uncertainty and global market jitters raised debt interest payments to a record £10.3bn for April.
UK retail sales volume fell 1.3% in April, the steepest monthly decline in a year, as motorists cut fuel purchases by over 10% after stocking up in March due to the Iran war. Excluding fuel, sales dropped 0.4%.
UK public sector net borrowing hit £24.3bn in April, £4.9bn higher than last year and £3.4bn above forecasts, driven by inflation-linked benefits and pensions. Rising debt interest payments and market jitters over the Iran war and political uncertainty are increasing borrowing costs.
UK net migration dropped by nearly 50% to 171,000 last year, the lowest since 2021, according to ONS figures. This decline is attributed to fewer non-EU nationals arriving for work. Asylum seeker numbers also fell, though refugee charities express concern over reduced safe routes.
UK inflation dropped to 2.8% in April, down from 3.3% in March, driven by a lower household energy price cap. While welcome, the slowdown may be temporary as fuel costs rise due to the Middle East conflict.
UK unemployment rose to 5% in March, with the Iran war blamed for a fresh wave of inflation and a drop in business confidence. Payrolled jobs fell by 100,000 in April, and regular pay growth is at its weakest since 2020.
The UK economy grew 0.3% in March, exceeding expectations despite the Iran war, with broad-based services sector growth, though discretionary spending shows signs of decline.
UK's Q1 GDP grows 0.6% led by services sector, but analysts predict weakening growth due to Iran conflict's impact on energy, petrol, and food prices.
The Office for National Statistics projects UK deaths will outnumber births every year from 2026, with population growth slowing significantly. The population is expected to rise by just 1.7 million between 2024-2034 (2.5% to 71 million), down from a previous projection of 3 million. Net migration has fallen 69% to 204,000, and the population is now expected to peak at 72.5 million in 2054 before declining. The pensionable population will rise to one-fifth of the total by 2034.
The UK's healthy life expectancy has fallen by two years to around 60.7 years for men and 60.9 for women between 2012-14 and 2022-24, diverging from rising trends in other rich countries. The Health Foundation warns most areas now fall below the state pension age of 66, meaning people spend years in ill-health before retirement, with the poorest areas below 55 years. The thinktank calls for bolder policies including extending sugar tax principles to other products and minimum unit pricing of alcohol.
